Franklin Street, a commercial real estate services firm that’s been aggressively expanding nationally, has tapped Rafael Romero to serve as the group’s managing director for its Miami office.
Romero, a Miami native and five-year U.S. Navy veteran, joins the firm as its new regional managing director where he will work with existing clients, grow an already-established client base in retail leasing and consulting, and lead recruiting for Franklin Street in what the firm called in a statement “one of the country’s most important commercial real estate markets.”
In the statement, Romero said that joining Franklin Street provided an “opportunity to join a firm that rewards entrepreneurial spirit and offers the tools, resources, and support to build something meaningful.” He joins the firm after nearly seven years at JLL, most recently as a senior vice president of the firm’s South Florida Retail Advisory practice.
“We know what [Romero] is capable of, and his reputation enhances our ability to expand our client base, bring additional value to our existing client base in South Florida, and identify and hire talented individuals who want to join a firm that is full-service, agile, and client focused,” said Carrie Smith, executive vice president at Franklin Street, in the group’s statement.
While retail leasing activity in Miami has slowed over the past year, a lack of available space in high-demand corridors means that availability remains tight, at 3.8% as of the third quarter this year, compared to the country’s 4.9%, even as higher costs have forced some companies into bankruptcy and driven others to reconsider their expansion plans.
Despite the slowdown, Miami remains a “vital market” for Franklin Street, said Tony DeSisto, chief operating officer of Franklin Street, in the company’s statement. The group's regional office is located at the Brickell Arch in the city's financial district.
“We’re increasing our market share by expanding our reach and capabilities through investing in our most valued asset, our people, and we’re nowhere near finished,” DeSisto added.
Romero is the latest addition to the team. This year alone, the firm has opened new offices in Nashville, Tennessee, and Dallas — its second location in Texas. The company boosted its teams with new hires in Atlanta and Tampa, scooped up a well-known Cincinnati-based student housing team last year, and doubled the size of its Austin, Texas, office since it opened there 18 months ago.
“The collaborative environment and excitement around where Franklin Street is today—and where we are going—is palpable and unlike anything else in our industry,” said Romero, who added that he intended to “recruit growth-minded people with a hunger for and track record of excellence to join our Miami office."